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Assessing CRM Strategic Initiatives in U.S. Banking: Run After Catch

Published by: IDC

Published: Dec. 3, 2007 - 20 Pages


Table of Contents



Table of Contents

Financial Insights Opinion

In This Report

Methodology

Situation Overview

Business Need

Table: Significant Competition from International Banks Investing in U.S. Banks

Where We Are Today

Figure: CRM Solutions in Place Today

Figure: CRM Solutions in Place Today by Company Revenue

Management Challenges

The Approach

Best-of-Breed Strategies

The Five Phases of CRM

Figure: Five Phases of CRM Applications

Differentiating the Adopters

Wachovia Corporation

Figure: Wachovia Sees Results in Organic Growth

Bank of America

Figure: Bank of America Customer Satisfaction Reports, 2001, 2005, and 2006

Navy Federal Credit Union

Commonwealth Bank of Australia ? International Perspective

Lessons Learned

Figure: Obstacles Faced During CRM Solution Implementation

Future Outlook

Figure: CRM Maturity Model

Figure: Institution's CRM Solution Focus

Essential Guidance

Actions for Financial Institutions

Actions for Vendors

Learn More

Related Research

Synopsis

Abstract

This Financial Insights report examines key results from recent interviews and surveys of senior bank and credit union executives on the reemergence of CRM initiatives in the United States banking industry and profiles banks that have achieved recognition for customer satisfaction. Christine Pratt, research director for Consumer Banking and Credit, said, "Indications are that there is a new urgency to make greater strides that has little to do with customer delight or building relationships but instead is all about organic growth and the challenges posed by a lackluster economy."



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